GTA home sales rise but prices keep falling
Greater Toronto market tightened in May with 6.3% sales jump, yet average prices dropped 4.6% year-over-year to $1.07M.
The Greater Toronto Area saw 6,583 homes change hands in May, up 6.3 per cent from a year earlier, marking the region's third straight month of rising sales. But the market tightened as inventory dried up: new listings fell 18.9 per cent and active listings dropped 13.3 per cent.
The average selling price slipped to $1,069,700, down 4.6 per cent year-over-year. The composite benchmark price — meant to reflect a typical home — fell 6.7 per cent.
Jason Mercer, chief information officer at the Toronto Regional Real Estate Board, said buyers hold "substantial negotiating power" for now. If sales keep strengthening relative to listings, he added, prices could begin climbing in the second half of the year.
The shift reflects a market where fewer homes are hitting the block while more buyers are active — a dynamic that historically favours sellers long-term, but gives buyers breathing room today.